ITR-7 is filled out by people and companies who are needed to file their tax returns under sections such as; section 139(4A): Income from religious and charitable trusts, section 139(4B): Political parties, section 139(4C): Scientific research institutions, section 139(4D): University, college, or other institution.
Eligibility to file the ITR-7 Form
Under section 139(4A), everyone who gets income from property held in trust or under another legal obligation, fully or partly for religious or charitable purposes, must file a tax return.
A political party must make a return under section 139(4B) if its total income, before section 139A is taken into account, is more than the maximum amount that is not subject to income tax.
Return under section 139(4C) must be filed by every scientific research association, news agency, association or institution referred to in section 10(23A), an institution referred to in section 10(23B), fund or institution or university or other educational institution or any hospital or other medical institution.
Every university, college, or other organization that is not required to file a return of income or loss under any other provision of this section must file a return under section 139(4D).
Every business trust that doesn't have to file a return of income or loss under any other provision of this section must file a return under section 139(4E).
Any investment fund mentioned in section 115UB must file a return under section 139(4F). Under any other provision of this section, giving a return of income or loss is unnecessary.
Structure of the ITR-7 Form
The ITR-7 form has been categorized into two parts and 23 schedules.
From AY 2023-2024, a taxpayer will also have to give information about the details of registration or approval.
Part-A – This part contains General information.
Part-B – This part displays the Outline of the total income and tax computation with respect to income chargeable to tax.
Schedule-I: This schedule provides the Details of amounts accumulated/ set apart within the meaning of section 11(2) or in terms of the third provision to section 10(23C)/10(21) read with section 35(1) in the last 7 financial years viz., previous years relevant to the current AY.
Schedule-D: It mentions the Details of deemed application of income under clause (2) of Explanation 1 to sub-section (1) of
Schedule-J: This schedule shows the Statement of investment of all funds of the Trust or Institution as of the last day of the previous year.
Part A-BS: This part provides the Details of the Application and Sources of Funds as of 31st March 2022
Schedule R: This schedule shows the Reconciliation of the Corpus of Schedule J and the Balance sheet
Schedule-LA: This schedule gives the Details in case of a political party.
Schedule-ET: It mentions the Details in case of an Electoral Trust
Schedule-VC: This provides the Details of Voluntary Contributions received.
Schedule AI: This schedule shows the Aggregate income derived during the year, excluding voluntary contributions
Schedule ER: This schedule reveals the Amount applied to charitable or religious purposes in India – Revenue Account
Schedule EC: It displays the Amount applied to charitable or religious purposes in India – Capital Account
Schedule IE-1, IE-2, IE-3, and IE-4: This schedule shows the Income and expenditure statements as applicable
Schedule-HP: It gives the Computation of income under the head Income from House Property.
Schedule-CG: It shows the Computation of income under the head Capital gains.
Schedule VDA: This schedule contains Income from the transfer of virtual digital assets u/s 115BBH
Schedule-OS: It provides the Computation of income under the head Income from other sources.
Schedule-OA: This schedule gives General information about business and profession
Schedule-BP: This gives the Computation of income under the head “profit and gains from business or profession
Schedule-CYLA: It shows the Statement of income after setting off of current year’s losses
Schedule PTI: This schedule provides Pass through Income details from business trust or investment fund as per section 115UA, 115UB Schedule-SI: Statement of income which is chargeable to tax at special rates
Schedule 115TD: It shows the Accreted income under section 115TD
Schedule FSI: This provides the Details of income accruing or arising outside India
Schedule TR: This schedule mentions the Details of tax relief claimed for taxes paid outside of India
Schedule FA: It shows the Details of Foreign Assets and Income from any source outside India
Schedule-SH: This schedule provides the Details of shareholding in an unlisted company
Part B-TI: This part mentions the Computation of total income
Part B-TTI: It gives the Computation of tax liability on total income Tax payments, Details of payments of Advance Tax and Self-Assessment Tax, Details of Tax Deducted at Source (TDS) on Income (As per Form 16A/16B/16C/16D) and Details of Tax Collected at Source (TCS).
Sequence for filling out parts and schedules
The Income Tax Department urges taxpayers to complete the income tax return in the order listed below :
- Part A
- Part B
Mode of filing ITR-7 Form
This form must be filled out online and sent to the Income Tax Department in one of the following ways:
- By electronically submitting the return with a digital signature
- By electronically transmitting the return's data and then submitting Return Form ITR-V with the return's verification.
- After submitting the return, the assessee should print out two copies of the ITR-V Form. One copy of ITR-V must be duly signed by the assessee and sent to the following addresses through ordinary post :
Centralized Processing Centre, Income Tax Department, Bengaluru - 560500, Karnataka.
And the assessee is permitted to keep the second copy for his records.